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Dec 5, 2012 7:30am EST
, with the deficit cut by 25% and interest rates at historic lows, does my right honorable friend not agree with me that the opposition plan b for more debt would jeopardize all those achievements? [cheers and applause] >> my honorable friend is entirely right. we are making progress. of course it is tough when there are so many economic headwinds against us, but a million more private sector jobs, a record number of businesses starting up last year, we're on the quite clear, plan b stands for bankruptcy, that's what labour would give us. >> last but not least,up -- ann pruitt. >> a universal health care is what the overwhelming majority of parish people want, something which i remain firmly committed to. however, there are claims about nurses who fail to show care and compassion to their patients. what exactly will the prime minister do about that? >> the honorable lady speaks for the whole house and the whole country in raising this issue, and i know how pain. it must have been -- painful it must have been with what he's witnessed with her or own family. i am, as she is, an enormous fan of the po
Dec 12, 2012 4:00pm EST
the road any further. we have a huge deficit. frankly i think ben bernanke has done very, very well stimulating the economy without government interference. i think the thing to do is go right over the fiscal cliff. you'll raise some taxes, yes, that's true, you'll cut defense and some human services. this is the only way we'll have a significant bite out of this deficit. i think the market is going to like this. they say no right now, but when they see that this government is taking on the deficit in a serious way i think they will like it >> you don't think going over the cliff is armageddon? >> this is just nonsense, absolutely not. this is a bipartisan deal that was made. now both parties are trying to welch on their commitments. i think that's a mistake. >> steve, ben bernanke said today if we do go over the fiscal cliff, even if it's for a short period of time, it's going to be very costly and they do not have the tools to basically dig us out of it. do you believe if we go over the fiscal cliff it won't be as easy as the governor is suggesting? >> we're in trouble anyway this
FOX Business
Dec 7, 2012 7:00pm EST
spending in order to reduce trillion dollar deficits and a national debt that is now mind-boggling league not -- monotonous. house minority leader disagrees vehemently with the speaker on how to reduce deficits and debt. today she offered a paradoxical statement on fiscal policy that would make both casey stiegel and yogi berra proud. the nation now just 24 days away from $600 billion of spending cuts and tax increases that will automatically kicked in. and pelosi has some wise words for washington. please listen terror. >> this is a moment of truth. the clock is ticking. christmas is coming. the goose is getting fat. in many homes across america it is very, very lean times. you cannot cut your way to deficit reduction. lou: that's right. pelosi says we cannot get our way to deficit reduction. listen to the top democrat in the house of representatives, the former speaker of the house unveiling -- on dealing with the fiscal crisis one more time. >> in many homes across america ad is a very, very lean time. you cannot cut your way to deficit reduction. lou: today said minority leader appear
Dec 7, 2012 6:00am EST
were to run $600 billion deficit for the next 10 years, by the end of that, the debt -- it would lower our gdp forecasts. if we were to cut with the fiscal consolidations that $600 billion deficit to $300 billion, we would be buying future generations gdp growth in the long run. by about half a% per year. it is ultimately a question of what kind of world we want to live in 10 years from now. if you want to look like the way europe has been growing, we will have a small consolidation, such as the small consolidation proposed by the president. if you want to have the kind of growth that i hope we can have with a bigger consolidation, that one is being proposed by speaker boehner. >> thank you. >> i would like to focus on something that is probably more of interest to the economists and ordinary people. let's talk about ratios. what i heard you lay out, dr. zandi, was more of an ideal situation. they get you at roughly at $3 trillion. deficit-reduction over the course of 10 years. you went on to add the $1.20 trillion over last year's negotiations on the debt ceiling. the negotiations ove
Dec 5, 2012 7:00am EST
rates are about raising money, not punishing success. in terms of the deficit, we have cut the budget deficit by 25%, will be getting an update on progress from the chancellor in a minute but let me ask this. how can you deal with the borrowing program by pledging to borrow more? >> let's just be clear, mr. speaker, about his answer on 60 p. the answer, the answer to the problem, the answer to the problem of tax avoidance is to give the people doing a tax cut. give them a big giveaway. the reality, the reality is, the reality the prime minister couldn't get away from, the deficit is going up, not down, on his watch. we all remember the posters which is airbrushed, i will cut the deficit, not the nhs. the facts speak for themselves. he cut the nhs and is not cutting the deficit. >> we are increasing spending on the nhs and we are cutting the deficit. we have cut the deficit by 25%. there are a million more private sector jobs. businesses are starting at higher rate than any time in our history. this economy is on the right track. we are equipping britain for the global race and on like
Dec 7, 2012 8:00pm EST
deficits for as far as the eye can see. washington has got a spending problem, not a revenue problem. if the president doesn't agree with our proposal, i believe he's got an obligation to families and small businesses to offer a plan of his own, a plan that can pass both chambers of the congress. we're ready and eager to talk to the president about such a plan. >> you did speak with the president earlier this week. can you characterize that call? did he have any kind of count offer and we understand that he is making clear that it's got to be increase rates for the wealthy or no deal. are you willing to give a little bit? >> the phone call was pleasant but was more of the same. the conversations that the staff had yesterday were more of the same. it's time for the president if he's serious to come back to was a count offer. >> the jobs record indicated unemployment is down roughly a full point from this time last year. [inaudible] [inaudible] why take such a risk when the job numbers are improving. >> because increasing tax rates will hit many small businesses that produce 60 to 70%
Dec 9, 2012 9:00pm EST
economy. prime minister david cameron took questions on proposed cuts that he says will help the deficit on the u.k. he also answers questions on afghanistan, securing the border, and youth unemployment. this is just over 30 minutes. >> number one, mr. speaker. >> thank you, mr. speaker. i'm sure the whole house will wish to join me in graduating the duke and duchess of cam brage on the wonderful knew they are expecting their first child. turning to my friend's question on afghanistan. the threat to global security from al qaeda has been significantly reduced and this is in large part of the brave work of u.k. and afghan armed forces. we remain committed to afghanistan for the long-term and we continue to support the development of afghan forces through continued funds and training. our crrt that aid to help the state to police its own lands. it is this part that al qaeda won't will able to re-establish itself in afghanistan. >> the taliban is being told when most of our troops are leaving and they need to be told when sanctions to expect if they help al qaeda to return. what would those
Dec 11, 2012 5:00pm EST
to run the government for eight days. so what do you do the other 357 days? or if you look at the deficit, it will only take care of 7% of the $1 trillion-plus deficit that we have every year. what about the other 93%? so the point being that we can talk about taxes and taxes and taxes, but it's not going to solve the fiscal problems facing our nation. we don't have a taxing problem. we have a spending problem. and so we should have been spending the last three weeks talking about how we're going to take care of the other 93% of the problem. the president should have declared victory three weeks ago, and we wouldn't have had all this lost time between now and right after the election. but i said i wanted to set the record straight. the tax relief reduced the -- the tax relief of 2001 and 2003 reduced the tax burden for virtually every tax-paying american. it did this through across-the-board tax rate reductions, marriage penalty relief, enhancing certain tax provisions for hardworking families such as doubling the child tax credit. since the passage of this tax relief, there's been a conc
FOX News
Dec 9, 2012 8:00am PST
months noctober and november... the deficit, almost $300 billion, $4.8 billion a day. they had $30 billion in revenue. but the spending is up 3 times that much, $87 billion. how do woe stop the out-of- control spending? how can we get the budget deficit under control? can we do that for our children and grandchildren? >> we don't cut back on medicare and social security benefits that impact middle-class and working families. we start with the rich. that's what the voters wanted. they don't want -- middle-class families like mine, they don't want to see their taxes go up $2200 after january 1. they want to keep the tax deductions that they have and allow for people who can afford it to pay down some of this debt and deficit-- >>> trey -- [overlapping dialogue] >> eric: how do we pay this down? >> eric, what you are hearing is very unfortunate because you asked a specific question about cutting spending, democrats will not talk about it. she won't talk about it right now. -- >>> that's not my question. how do we stop the spending? >> how we stop the spenning is to over the dlif and h
Dec 5, 2012 1:00pm PST
. and then this party that paraded around as the big deficit hawks, the guys that wanted to control spending, the only cuts they put on the table is playing at margins, increasing retirement age from 65 to 67 and adjusting rates for social security. this hasn't presented itself as a party that wants to cut spending. on one hand you have president obama's proposal, which most agree is the responsible way of raising the debt, raising rates. and responsible cuts on entitlements and discretionary spending versus republicans who are divided against something that is a chicken hawk when it comes to the deficits, that is the boehner approach, or the more extremist position which is absolutely nothing.รง so this is an extraordinary position for the republican party to have evolved into. >> you must respond to what julian just said. >> i like julian an awful lot but i think what he said is entirely wrong. it's fascinating president obama last july, july of 2011, said we can get $1.2 trillion in revenue where we don't have to raise marginal tax rates and close loopholes and julian says most economists agree, i
Dec 12, 2012 6:00am EST
issues, including federal spending, taxes, the debt and deficit. before joining heritage in 2003, she was deputy director of the oklahoma office of state finance where she worked for governor. next, rudy penner, the institute fellow and the rj and francis miller chair in public policy at the urban institute. prior to that in his long career, he was director of the congressional budget office where he supervised a young economist who did not learn a whole lot from them and that is what i am here rudy has had a distinguished career he has had. i remember those conversations. i hope i can do them-just -- i can do them justice. finally, we have david walker, founder and ceo of the comeback america initiative. he is formally the comptroller general of the united states. he was also the head director of the u.s. government accountability office for almost 10 years. he is widely read and has written numerous articles on the debt and deficit. he has a new initiative which makes tremendous sense. his new group is looking at the efficiencies, inefficiencies, duplications in the government to tr
Dec 7, 2012 9:00am EST
of the middle class -- catch up with my slides. there we go. the deficit and debt will improve as 34%. but the one thing they are certain is that taxes will increase. and in the next four years how it affected you think the federal government will be on each of the following issues. we read a list of these issues, we rotated those. this is how it basically stacks up. ensuring long-term future of entire programs such as social security and medicare, 65%. 64% creating jobs, 64% improving public education, growing the economy, creating a business environment that allows for innovation. lowering the federal deficit actually false down to 40. not as much confidence there as a part on the other side. we been said the training faces a number of challenges including but not limited to large budget deficits, national debt, slower economic recovery, high unemployment, deep political divide on many issues. do you believe we will overcome these challenges in the foreseeable future as we've done in the past, or do you think these are unique set of challenges that are so serious that we might not
Dec 7, 2012 4:00pm EST
would be good? >> we have an enormous deficit problem in the united states. nobody's dealt with it since bill clinton was president of the united states. there are a number of things we're going to have to do in order to meet our deficit. we're going to have to both raise taxes and cut spending. one of the areas we must cut spending is defense. there hasn't been serious cuts in defense in 30 years. the defense industry is well positioned. they have plants in something in over 300 districts. there's a lot of bipartisan defense spending. for example, the defense authorization bill that just passed yesterday in the senate gave the pentagon $17 billion more than they asked for. so to think that any industry or any taxpayer or any group of people who depend on government spending can be exempted from the serious problem that we have that's caused by this deficit is a mistake. everybody is going to have to pay for this. >> dawn, right or wrong, the defense industry has this reputation of being bloated, overcharging. are we at a point where we could afford to make cuts in defense spending to tr
Dec 10, 2012 12:00am EST
of the deficit, we have cut the budget deficit by 25%. you will get an update of the progress in a minute. how on earth, can you deal with a borrowing problem when pledging to borrow more? >> let's be clear, mr. speaker, about his answer on 50 p. the answer to the problem -- the answer to the problem of tax avoidance is to give the people doing it a tax cut. that is the answer he gave. give them a big giveaway and the reality is -- the reality is that the prime minister couldn't get away from, the deficit going up, not down on his watch. we remember the posters with his air brushed face saying i will cut the deficit not the n.h.s. the facts speak for themselves. he has cut the n.h.s. and he's not cutting the deficit. he is 100% wrong. >> we're increasing the n.h.s. and we've cut the deficit. business are starting up at a higher rate than any time in our history, this economy is on the right track. unlike the party opposite we're on the side of people who work hard and do the right thing. what is his answer? more borrowing, more spending, more of the things that got us in this mess in the first
Dec 8, 2012 6:00am EST
for washington to face, they do talk about the deficit and the debt in getting the fiscal house in order. that is not the full extent of the list. but behind different as we talk about priorities along partisan and racial lines. let's start with where we are and with the public has been pounded with this message week after we, on the question of resolving the immediate fiscal cliff. how would you describe your temperature, your feeling that there will be some kind of accommodation and a deal even on the tax and spending and sequester side or both? >> good morning. glad to be with you and give you my perspective on where we are. to the beginning of your question, i often say one i am giving remarks that -- people in the same group, no matter how ponce and they are, people -- no matter how partis and they are, people will say two things. i want you to go to washington and stand on your principal. i want you to fight for us. i say, i will. someone else will get up and say, i want you to compromise and find the middle ground and get things done. this is the 10th time this just happen to me.
Dec 6, 2012 5:00pm EST
republican members of the house and the senate speak out on the need or a deficit approach that includes raising taxes on wealthy individuals and to moving right away to ensure that 98% of families do not race a tax increase. we need to look -- do not face a tax increase. we need to look at history. what we saw in the 1990s and 2000s, there was no relationship between lower marginal tax rates for the wealthiest among us an economic growth. first during the clinton administration, the top marginal tax rate was raised on the wealthiest individuals and the economy grew at its fastest rate in a generation. it added more than 22 million jobs. during the following eight years, the top marginal rate dax tax rate was lower, but economy never regained its strength from the reviews decade. middle-class families are vulnerable when the recession began at the end of 2007. i hope this hearing is helpful not just in this hearing, but across this country to people who are watching and waiting for congress to act. i will say more at the end about some of our members who are leaving. it is -- it has been
Dec 5, 2012 11:00pm PST
situation to be in. >> as the conversation shifts really to the bottom line in the deficit. at the end of the day the whole thing is about -- it's optical illusions and face saving for republicans. whether it's the notion they may not vote yes but just present, which is complete smoke and mirrors or the fundamental argument which is closing loopholes is not a tax increase. of course it is. at the core this is about asking americans to pay more americans to the federal government. this is just -- it's -- bill clinton called it kabuki theater. it's a way for republicans not to be ashamed and walk back the ideological core they've run on for the past few years. >> if president obama is able to come out and say i'm going to support getting rid of tax ducks for charitable organizations, hospitals, universities, religious organizations, i want to get rid of that tax deduction f he puts his finger -- his hand anywhere near that decision, he's going to be a loony toon every hospital, church, philanthropic in the united states, from the rockefeller down to the littlest catholic charity will fig
Dec 9, 2012 11:15pm EST
. if the politicians in washington negotiate a bad deal on the budget and deficit, what do you think will happen to medicare and medicaid benefits? and to our coverage? cutting hundreds of billions of dollars from medicare and medicaid will short change the people who need it the most. so if you don't want seniors to come up empty. call sen. warner and tell him don't make a bad deal that cuts our care. >>> welcome back to sawn samples it's nissan sports xtra. >>> a new orleans -- welcome back to nissan sports xtra. a new orleans tie would mean giants rookie david wilson on the kickoff return, lots of room up the middle for the virginia tech rookie, best move he makes. wilson goes the distance, 97 yards for the touchdown, giants would not trail again. game tied 7-7. 3rd quarter now 28-13, manning one of his four touchdown passes, perfectly delivered to hakeem nicks, 25- yard strikes. giants roll over the saints to improve 8-5. next up a road date against the falcons. >>> an emotional game for the cowboys playing the bengals a day after the death of teammate jerry brown. we start the highlights
Dec 12, 2012 7:00am EST
controlling welfare isn't serious about controlling the deficit either. [shouting] >> mr. ed miliband. >> for the first time his agenda claims to be robbing the. i really don't think that's going to work. he's not taking from the richest and giving to everybody else. and didn't that and didn't the business secretary give it away? this is what he said about the autumn statement. he said this, what happened was some other donors, very wealthy people stamped their feet. so they scrapped the mansion tax and went ahead with a 15 p. tax cut. mr. speaker, they look after their friends. the people on the christmas card list, and meanwhile, they meet people they never meet and whose lives they will never understand. [shouting] >> his donors put him where he is, pay him every year. but it's perfectly clear, it is perfectly clear, mr. speaker, what the labour party's choice is. their choice is more benefits, paid for by more borrowing. they should listen to the labour trade minister who said this, you know what you call a system of government where what you do is say, oh, we are in trouble, we'l
FOX Business
Dec 10, 2012 7:00pm EST
. the congressional budget office estimates our fiscal year 2013 deficit will be, well, $104 trillion for fiscal 2013, okay? and here's what happens to our national debt as a result of this baseline. it's going tt surge from $16.3 trillion to $17.5 trillion at 2013, then we get out here to about 2014, it's going to be, well, it's going to be about 19.4. 20.3 trillion, 20.3 trillion if we do nothing in 2016: and by 2022, out here, it's going to be $25.8 trillion. that's if we do nothing about this spending, this runaway spending, this irresponsible government. now let's take a look at what happens if president obama gets tough, and he gets it done. the president calling for $1.6 trillion in higher taxes. he wants $82 billion a year from that top 2%. by the way, that's the same amount of net tax hikes in the president's 2013 budget that the senate rejected unanimously back in may. so let's assume that things can happen differently, but let's give him this whole full-board load, okay in the republican staff in the senate budget committee looked at those numbers, the president's budget, and here's what t
Dec 6, 2012 8:00pm EST
money, and then on everybody else. not so he can lower the debt or the deficit, but so he can spend to his heart's content. for months, the president has been saying that all he wanted to raise taxes on the top 2% so he can tackle the debt and the deficit. however, yesterday, he finally revealed that that is not really is true intent. by demanding the power to raise the debt limit whenever he wants, by as much as he wants, he showed what he is really after is assuming unprecedented power to spend taxpayer dollars without any limit at all. this is not about getting a handle on deficits or debt or him. it is about spending even more than he already has. why else would you demand the power to raise the debt limit on his own? by the way, why on earth would we consider giving a president who has brought us four years of trillion dollar unchecked deficits of 30 to borrow? he is the last person who should have borrowing power. the only way we will cut spending around here is by using the debate over the debt limit to do it. now the president wants to remove that to cut all together. of cou
Dec 5, 2012 1:00pm EST
the president called his deficit reduction commission to give the president and -- an idea what we could do to get our fiscal house in order. i want to show in you this chart, mr. speaker, it's the chronic deficits we have had in this country, goes back to 1970. all this red ink represents the inflation adjusted, 2012 dollars, comparing apples to apples across this chart, the deficit that is we have had in this country, and you see going back to 197 o 0, mr. speaker, which happens to be the year of my birth, we have run a deficit every single year from 199 . you remember 1998 we had newt gingrich leading the first republican u.s. house of representatives in modern times. bill clinton in the white house. they came together to solve some big problems. welfare reform, health insurance reform. folks forget about health insurance reform. we did away with pre-existing conditions. did away with all of the impediments in the large group markets, what they call the plans, had great success in that area, and finally got back into some positive territory. to be truthful, this assumes that all the fede
Dec 5, 2012 9:00am EST
to the labour party. they want to be in government and they claim they want to cut the deficit. what would they cut? what would they cut? if they object to the local government settlement and the object to the defense settlement and the objective the nhs budget and the object to the education budget, even though nhs schools are going up, and what exactly would they do? the problem is as was evident from the shadow chancellor's response, they didn't have anything to say on these matters but if they had a credible deficit plan then we would listen to the questions they ask us about the priorities of those plans. >> john stephenson. >> this cools and colleges of 270 million are extremely welcome. schools and colleges such as those in my constituency plans on the runway ready to take off, just in a little additional financial support. will the chancellor help those colleges and schools? >> i'm very happy to look personally at the case my honorable friend makes for his local education facility. these are of course other government departments but we have provided the money for education, for ne
Dec 12, 2012 5:00pm EST
a spending issue that was in front of us. many of us felt like the running deficits of several hundred billion dollars a year was not acceptable, and we have watched what has transpired through the years as business continued to grow. -- deficits continued to grow. and the obama administration has run annual deficits of well over $1 trillion. now i'm constantly hearing from people, how did this seem to happen so quickly? it has been decades in the making. and indeed, many of us have come to the floor regularly and we have talked about it and we have offered bills in a would address this. great example of this, every year i have offered bills that call for 1%, 2% and 5% spending reductions. we have the appropriations process where members have come to the floor and have offered amendment after amendment that would reduce what we are spending. we on this side of the aisle also believe that you have to have a budget. now, the president had a proposed budget and nobody wanted to vote for that. so we put it on the floor and i think it got one or two votes from the democrats. the country has
Dec 7, 2012 10:30pm EST
, we are talking about deficit deduction. we are talking about raising revenue to a level in which can begin to support the kinds of investments we need to make to train our future work force and to create an environment in which we can care for the elderly. >> the think americans will remain optimistic but this did of the economy? if we have not tackle the things we have just talked about like the cost of education, the housing market? we are figuring out some philosophical issues about taxing and funding? >> i think the economy has been growing slowly and steadily all in the absence of any movement, which we have seen over the test of the last year. i have worked on guantanamo for the past 10 years. my sense is that if there is some movement until the positive direction, which have not seen out of washington and enter a long time, -- in a long time, at least we will not see head winds. we are making some progress. i see that continue. >> i want to come back to what todd said earlier. i am concerned about confidence being fragile. todd reference what happened until august of 2011. we
Dec 6, 2012 5:00pm PST
that we need to go forward in getting our economy turned around, in reducing our deficit in creating jobs. so i think when jim deminute looked around, he looked and saw a future where he would be standing by himself very often and likely face ago dwindling even greater dwindling number of tea party advocates and allies. i think he headed for the doors because he thinks that probably, as he said, the only way he's going to have a significant impact is through a think tank. >> to switch over to your side of the capitol the house of representatives, the tea party there seems to be playing defense. i know alan west, one of your close buddies was upset that he lost, he is gone. how does it feel when you look at john boehner the speaker republican leader and he knows every day that the tea party which had held him hostage the last two years the tea party in the house is playing defense, as well it seems. >> well, i was playing more than defense. unfortunately it feels like in the house the tail continues to wag the dog. you still seem to have a leadership on the republican side in the house led
Dec 6, 2012 6:00am EST
to make sure that the wealthiest in this country help pay down this large deficit. >> will the democrats just wait? >> we have a lot of discussions going on in the senate and the various places. we know what the parameters are and the speaker knows what the parameters are. the president is ready, willing, and able to sit down and seriously negotiate with us but they have to be willing to come to the table with specifics like he is doing. >> we have done something. if you look at either proposal, they want every tax rate to go up. we all agree that group of rates should not go up. we just disagree on the top 2%. let's go where we agree which would be the current rates and make sure the folks in the middle class don't have an increase. we all agree on that. but they want more and more. we are saying that you have to start somewhere. they don't want to use the procedure to allow their own people to vote on it. they are holding the american people, the middle-class hostage for small issues they want to fight on and play the press war. we agree on these rates to be lower. we just disagree on
Dec 11, 2012 10:00am EST
to have a super committee that would determine about $1.20 trillion in deficit-reduction over 10 years. the backup plan was something that nobody wanted. that was across-the-board cuts of about $500 billion over 10 years ending in domestic spending. and another $500 billion in national security related spending. host: we are talking about a total of $109 billion in cuts. the non-defense part of that makes up about $38 billion. guest: of the mandatory past to do with the program's beneficiaries are committed to receiving by law. host: if this happens, let's begin with what is not on the table. guest: military pay, veterans' benefits, a lot of what would be called social welfare programs, like food stamps, or the snap. a social security, medicare is exempt. there are also federal salaries that cannot be effected. host: there are a lot of cuts that would go through it sequestration happens, but what are some of the big ones that people would notice? guest: in october, a ranking member of the house committee had detailed projections. remember, agencies have been prohibited from acting them
Dec 5, 2012 8:00pm EST
, and he said that it is untanble to not cut them because they are driving the budget deficit, and, you know, the whole entitlement issues, the real core of the problem, the taxing issue, yes, the pyrotechnics, and its -- there's the struggle between the republican and democratic view, but all the numbers people know that it's the entitlement issue so if there's a fix, trajectory to make it somehow stable, that would be -- that's the relation. uh-oh, you have something from the book. >> your books are all ultimately about power, how it's used, squandered, built, and so the sub text of the events that you write about is how life works, how washington works. my favorite sentence in "the price of politics" is, "when you need friends, it's too late to make them." what have you learned about washington and life from the grand bargain? what is the hundred-year lesson from how that unraveled? >> well, you mean last year? what happened last year? well, that they found a way to postpone everything, and, again, they can postpone lots of the problems, but postponement is the theme. the cliche, "ki
Dec 10, 2012 12:00pm EST
or not we reduce our budget deficit by simply taking deeper and deeper cuts in domestic discretionary budget. at some point you skip to a point where you are simply treating of between -- trading off between early to childhood and biomedical research and higher education. those are not trade-offs the american public wants us to make. when we talk about getting our fiscal discipline, our fiscal house in order, i want to remind people that when i was here in the early 1990's, one of the clarion calls, one of the reasons people make that case, was that if we had expanding deficits, it wasn't just that we would crowd out private capital. it was that we would crowd out public investment in the future, in children come in modern infrastructure, and innovation. when we decide we agree to cut spending, which we need to as but in larger deficit reduction. those of you who care about innovation need to care about how you cut, how did this spending. -- how you do spending. we have cut domestic discretionary spending to its lowest levels since the eisenhower administration. that is something the preside
Dec 7, 2012 5:00pm EST
of the tenure period the deficit to gdp ratio would be under 1%. succumbing you would solve the deficit problem. estimate under 1%? the percentage of your debt as the deficit to the gdp. the deficit to gdp. a deficit to gdp. now, we don't want to get there that we. the same way we don't want to go over the fiscal cliff. in other words, the fiscal cliff is a big austerity. we get $7 trillion in the deficit reduction over the last ten years. but you don't do it the way we want to do it. when it comes to the baseline, we have to work together as part of an agreement to get the right baseline but that doesn't mean it is not for real world deficit reduction. it is. does it mean that it's better than the current law? maybe not. but there is an agreement that in the fiscal cliff is not the best way. >> we could add the baseline. the deficit to gdp. >> you said the deficit. >> you look at the current line baseline and get under 1% of deficit to gdp. >> seven years and 7 trillion of debt reduction. if anybody wants to read more about, please look at that space on what it takes. i thank you all for being
Dec 5, 2012 6:00am EST
the incentives. we do so much money that you can reduce the deficit significantly, lower the rate, still have the group you are asking to pay more, pay more if you're willing to broaden the base. the point i would make is that as difficult as it is, we should use this opportunity to think about what a most sensible tax system is, and one of the pieces we have made progress on, which will have real revenues as a budget deal, and that along with spending and economists is critically important. no matter how we raise or how much we raise the revenues, a small or big enough, we should strive to raise that in the most efficient way possible, and that is including tax reform as part of this overall deal is a critical part of growth. and shouldn't be lost in the mix. >> david, do you want to get in? >> i want to echo a number of the comments, because the way i describe it is if we had actually been trying to develop an incomprehensible, confusing, and globally uncompetitive system which could not have done -- system we could not have done a better job than what we got. there is a something to the pr
Dec 5, 2012 12:00am PST
of this deficit problem that we have. we're going to need more revenues. in order to do that, that starts with higher rates for the folks at the top. >> reporter: the president did say today he would consider lowering rates again for the top two percent next year as part of a broader tax overhaul. the house republican plan envisions $2.2 trillion in deficit reductions over the next decade. $800 billion would come from new revenues but with no hike in tax rates for top earners. instead the plan relies on $1.2 trillion in reduced spending including $600 billion from changes in medicare and medicaid. at the white house today, the president met with a bipartisan group of governors pressing his own plan for deficit reduction. that proposal, $1.6 trillion in revenue from tax increases on the wealthy and $600 billion in spending cuts mostly from reductions in medicare. he also wants authority to raise the debt ceiling without congressional intervention. but governors emerged afterwards treading a line between the two sides. delaware governor jack markel, a democrat, is chairman of the national g
Dec 9, 2012 10:30am EST
to hearing today from the experts that we have before us today on how to reduce the deficit while protecting middle income families. as we enter the holiday season, americans should not have to face the uncertainty that many will face with regard to their taxes. there is no reason that middle income families should go into this holiday season without knowing whether their taxes will go up next year. last year, democrats and republicans work together to cut nearly $1 trillion of spending. now we need to continue that bi-partisan work to cut more spending, and to bring in additional revenues. if congress fails to reach an agreement under the budget control act of 2011, $1.2 trillion in automatic spending cuts will take place between 2013 and 2021. republicans and democrats agree that indiscriminate across-the- board cuts is not the right and to do at this time in our nation's history. if we trigger the automatic spending cuts and tax increases, gross margin bottom will fall by half a percentage point. we will reverse the hard-fought gains over the past few years. we cannot afford to go backwar
Dec 11, 2012 1:00am EST
deficits will still investing in the building blocks is about investing in a richer and more prosperous future. and i think that is the overall frame that we go forward. there has been a greater belief that we do have to embrace change. that the processes of technology and globalization are not things to be stopped but things to be shaped toward the progressive values we hold dear. you are essentially talking about a commitment to the evidence and accountability. part of having innovation is an ability to test what is working and being able to marshal the forces from technology to different designs to make sure you have a better outcome. this is another place where progressives should lead and not be fearful. that view of evaluation is behind the president's race to the top and proposals like home visits by nurses for at risk children. these are based on a strong evaluation of what is working and a commitment to put more resources behind innovation and test that innovation for results. i do think when we call for more accountability and valuation, it is important that would lead and tha
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Dec 11, 2012 11:00pm EST
how to raise 40 billion off of 2% of america, when we have a tritrillion dollar deficit. president wants a stimulus, at a time where we have a tril trillion dollar deficit, the real solution. the one that speaker boehner is working hard for, we're in it together. we're taxed too little or spending too much or a mbination of the two, if we do it, it has to be 100%. neil: do you believe we're taxed too little? >> in some cases dollar taxes that could be different, speaking for myself, from 20% to 15% on capital gains that is not change my considering on capital gains. i am a . >> you are open to the investor-related taxes that go up with this plan? >> i believe that -- >> not income related ? >> i believe that at zero tax you get no revenue, at 100% tax you get no productivity. you are trying to find is what maximum revenue to government is, including maximum economic growth. neil: you would be open to speaker boehner offering the 800 billion in revenue, however that is sorted out, he does not want rate hikes, he wants a limit on deducts and write-offs, would either be fine with you?
Dec 12, 2012 1:00am EST
deficit. can you insist on $250 billion? >> we certainly should insist on some down payment on some fiscal sanity in the congress, in the government. i think back to my response to the first question, cut, cap, and balance. let us make a down payment on this first year, and do something politicians never do, which is reduce spending. you give us your tax money now, in the future, he will cut spending. and we really promise. give us your money now. it never happens. raise taxes now. increase the borrowing authority. we promise to cut spending in the future. last week, it was lucy and charlie brown. we did the same thing in the last that sivan agreement. that is something we will be pushing to do in the context of this debate, but also in the context of what i hope will be a debt ceiling debate that takes place in february and march of next year. >> let me follow the question with a related one. it is one thing to stand up to the president. when we look at the way government spending, as a percentage of gdp has risen more under republicans and democrats, how can we do with that a little bit
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